Eloro Resources Ltd. Retains Micon International to Complete NI 43-101 Technical Report on the Iska Iska Polymetallic Property, Potosi Department, Southern Bolivia

Eloro Resources Ltd. Retains Micon International to Complete NI 43-101 Technical

Report on the Iska Iska Polymetallic Property, Potosi Department, Southern Bolivia

Toronto, Canada, January 27, 2020 – Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q)

(“Eloro”, or the “Company”) is pleased to announce that it has retained Micon International

Limited (“Micon”) to complete a National Instrument (“NI”) 43-101 Technical Report on the Iska

Iska polymetallic epithermal project (the “Property”), in the Potosí Department, southern Bolivia,

which is under option by Minera Tupiza S.R.L., Eloro’s wholly-owned Bolivian subsidiary. Eloro

recently announced the signing of the Definitive Option Agreement on the Property (see Eloro’s

press release dated January 8, 2020).

“We are very pleased to have the well known firm Micon proceed with the preparation of the NI

43-101 Technical Report on Iska Iska,” stated Tom Larsen, Eloro’s President and CEO. “Mr.

Charley Murahwi, P.Geo., Pr. Sci. Nat., FAusIMM, Senior Economic Geologist of Micon, will be

travelling to the Property this week to carry out a site visit. Mr. Murahwi has over 35 years of

experience in the mining industry, covering mineral exploration, mine development and mining

operations. With Micon in Toronto, he is involved in mineral resource estimation and auditing,

and in the assessment/evaluation of mineral properties. Since joining Micon in 2008, Charley has

undertaken assignments for clients in Canada, USA, Spain, Portugal, Panama, Mexico, West

Africa and Australia. Dr. Osvaldo Arce, P.Geo., Eloro’s Chief Geologist and Manager in Bolivia

will coordinate the site visit.”

About Iska Iska

Iska Iska pollymetallic project is a road accessible, royalty-free property, wholly-controlled by the

Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the

Sud Chichas Province of the Department of Potosi. The property can be classified as a

polymetallic (Ag, Zn, Pb, Au, Cu, Bi, Sn, In) epithermal-porphyry complex. This is an important

mineral deposit type in Bolivia. 

Geological mapping on the property by Eloro has revealed the spatial and temporal zonation of

alteration and vein minerals in an area of about 5 square kilometres. The polymetallic

mineralization occurs mainly as veins, subsidiary vein swarms, veinlets, stockworks, and

disseminations, forming a subvertical vein system in both the stock and the volcanic and

sedimentary rocks. Preliminary evaluation work including 42 channel samples in underground

and on surface workings at Iska Iska returned significant results as summarized below. All of the

channel samples included altered wall rock with widths ranging between 1.20 to 5.55 m,

averaging 2.90 m (see Eloro’s press release dated October 8, 2019 for further details).

 Silver. Anomalous silver values range between 35.5-694 g/t Ag (46% of channel samples).

 Gold. Anomalous gold values range between 0.31-28.6 g/t Au (42% of channel samples).

 Zinc. Anomalous zinc values range between 1.05-16.95% Zn (37% of channel samples).

 Lead. Anomalous lead values range between 0.41- 16.95% Pb (49% of channel samples).

 Copper. Anomalous copper values range between 0.1->1% (22% of channel samples).

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 Bismuth. Anomalous bismuth values range between 967-7,380 g/t Bi (22% of channel

samples).

 Indium. Anomalous indium values range between 10.35 - >500 g/t In (34% of channel

samples).

Qualified Person

Dr. Osvaldo Arce, P. Geo., an expert on Bolivian geology and a Qualified Person in the context

of NationaI Instrument 43-101 has reviewed and approved the technical content of this news

release.

About Micon

Micon is an independent employee-owned firm of senior geological, mining, metallurgical and

environmental consultants headquartered in Toronto, Canada with offices in Vancouver and the

United Kingdom. The professionals of Micon have extensive international experience in the

mining industry with both mining companies and leading consultancy firms. Micon provides teams

of geologists, mining engineers, metallurgists, environmental and social consultants who

combine skills in economic geology, mine and process plant design, mineral economics,

environmental and social management, minerals and metal production, and project

management, the firm is well qualified to carry out consulting assignments throughout the world.

Consulting services include valuation and evaluation of mineral properties, estimation of mineral

resources and mineral reserves, preparation of Technical Reports under Canadian National

Instrument 43-101 and Competent Person/JORC reports, feasibility studies, mineral market

analysis, comparative benchmarking, technical due diligence, litigation support and services as

Independent Engineer/Independent Technical Advisor.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal

properties in Peru and Quebec. Eloro owns an 82% interest in the La Victoria Gold/Silver Project,

located in the North-Central Mineral Belt of Peru some 50 km south of Barrick's Lagunas Norte

Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining

concessions and eight mining claims encompassing approximately 89 square kilometres. The

property has good infrastructure with access to road, water and electricity and is located at an

altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, President and CEO or

Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing

forward looking information express, as at the date of this news release, the Company’s plans,

estimates, forecasts, projections, expectations, or beliefs as to future events or results and are

believed to be reasonable based on information currently available to the Company. There can

be no assurance that forward-looking statements will prove to be accurate. Actual results and

future events could differ materially from those anticipated in such statements. Readers should

not place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of

the TSXV) accepts responsibility for the adequacy or accuracy of this release.